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Remortgage guide

So you're thinking about remortgaging? Here's our handy guide to getting your new mortgage deal.


What is remortgaging?

Remortgaging is when you move your current mortgage to a new lender. It’s not the same as switching a product, which is when you remain with your present lender but choose a different mortgage product.

Because there can be significant costs involved with ending your existing mortgage deal early, most people only remortgage when their existing mortgage deal comes to an end.

However, before doing so, it might be a good idea to speak to your current lender to see if they can offer you a better deal. So before you remortgage let’s first check to make sure it’s the right thing for you to do.

Remortgage costs

It's important to take into account the mortgage fees and other charges that may apply when remortgaging.

Early repayment charge (ERC)

This is a fee you incur if you repay your mortgage during a tie-in period, which tends to be the length of the initial deal - for instance, a fixed rate two year term. It can also happen if you overpay more than is allowed in the deal. It could prove costly as a typical early repayment charge comes from a percentage of your current mortgage balance.

Exit fee 

Sometimes referred to as a ‘deed release fee’ or admin charge, this is a charge for releasing your property deeds to your solicitors.

Mortgage fee

Often the most expensive part of remortgaging are the fees associated with a new mortgage deal, which could be the deciding factor in your decision to change lender or not. They can range from a completion fee to a booking fee and product fees, and are paid to your new lender. In making your decision, you need to consider the possible fees carefully as they can make all the difference.

Sometimes we have offers where these fees are waived. Alternatively, you may be able to add your completion fee to your mortgage, but this can affect the amount you owe, your interest and your monthly mortgage payments.

Valuation fee

This is required by all lenders as they want to be sure the money they’re lending you will cover the cost of the property if, for whatever reason, you weren’t able to keep up your repayments. Again from time to time we have offers where this fee is not charged.

Legal fees

There is much less legal work involved in a remortgage so the fees are generally less than if you were moving home, usually around £300. These relate to removing the original lender’s interest from the property and registering the new lender. We may at times offer a ‘fees assisted legals package’, where we’ll instruct a solicitor or licensed conveyancer on your behalf and pay for the basic legal costs.

Check out all the costs that can occur with our fees and costs explained guide.

Types of mortgages available

Here at the West Brom, you’ll find a range of mortgages designed specifically to meet your financial circumstances including competitive fixed and discounted variable rate mortgages. We can also help you choose the one that's right for you.

Fixed rate mortgages - If you want the peace of mind that comes from knowing what your mortgage payments will be every month, then a fixed rate mortgage could be for you. This type of mortgage fixes your interest rate for an agreed period of time and means your rate won’t be affected by changes in the Bank of England Bank Rate (Bank Rate), whether it goes up or down.

Variable rate mortgages - There are several types of variable rate mortgages, including standard variable and discount, typically offering a discount for a set period off a lender’s standard variable rate. They don’t offer protection from future rate increases but you could benefit from cheaper payments when interest rates are low. Standard variable rates are usually set by individual lenders, so they might change without the Bank Rate moving. All lenders have a responsibility to write to you with plenty of notice to let you know if your mortgage payments will be going up or down.

Tracker mortgages - A tracker mortgage follows and tracks movements of another rate. This is usually the Bank Rate. As a result, you could benefit from cheaper mortgage payments when the Bank Rate is low; but you’ll also need to budget for higher mortgage payments should the Bank Rate go up.

From time to time, the West Brom may launch or withdraw certain types of mortgages or change its range of available mortgages.

Application process to remortgage your home


Ask your current lender for a closing balance to confirm your outstanding balance and any fees that might apply on your mortgage.

Agreement in Principle

Get an Agreement in Principle (AIP) to help you with your remortgage.

Complete a full mortgage application

When you've decided to proceed you'll need an appointment with a mortgage adviser to go through the mortgage application.

The legal bit...

Arrange your valuation and find a solicitor to transfer you mortgage from your existing lender.

The offer

You mortgage offer is ready.

And finally...

Congratulations - you've now completed on your mortgage.

Ready to remortgage?

To ensure the remortgaging process runs smoothly, you’ll need essential information and documents when getting in touch with us. It probably also helps to have a good idea of your current financial details such as the term left on the mortgage, monthly repayments and that kind of thing. The main items required are:

  • Your last three years’ address history, with no gaps
  • Details of income. For example a recent payslip and P60
  • Your last month's bank statement
  • Full details of any loan or credit cards you have

Find out how to apply for a mortgage with the West Brom.


How to apply

Find out how to apply for a mortgage with the West Brom.

View our mortgages

Got all the information you need? Head over to view our mortgage products that may be suitable for you. 

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